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Aquino’s Social Insecurity System

I’m an employee. I work, I pay taxes, and I pay my dues. Before my salary even gets to me, deductibles have already been taken. Among these deductibles is my, along with my company’s, contribution to the SSS fund.

The controversy stems from the unpopular decision of Aquino to veto a law that aims to increase the SSS pension by Php 2000 (~ $42), from an embarrassing Php 1200 (~$25).

His justification? Giving the increase will bankrupt the institution. Let that sink in for a moment.

This president denied social justice to current and future pensioners, playing the “threat of bankruptcy” card to justify his actions. How soon will the bankruptcy happen should the bill have not been vetoed? Some report 2027, some 2029. In other words, the current funds are enough to sustain the increase for well more than a decade.

You are telling me then, Mr. Aquino, that within that time, the Philippine government and the heads of this agency (who get millions compared to the P1200 a retiree gets) cannot come up with a viable plan to replenish the funds? That they cannot work on a more efficient collection system, which if they only did, would even mean current employees won’t have to shoulder the increase? You are willing to spend P78 billion on the BBL but retirees don’t deserve a decent pension, even though the law actually have safeguards in place in case of an actual bankruptcy? The SSS is set up precisely to give workers financial security in old age, yet you deny these same hardworking people a dignified life after retirement.

Your excuse is unacceptable. It is cheap fear-mongering, and it encourages the laziness, indifference, inaction and incompetence typical of people you appoint in your government.